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[FULL TEXT] Tinubu’s 2024 Budget Speech

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President Bola Tinubu, on Wednesday, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja — his first since assuming office exactly six months ago.⁣

Read the full speech below:

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1. In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

2. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

3. I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

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4. It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

READ ALSO: BREAKING: Tinubu Sends Message To Senate On 2024 Budget

5. The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much-needed support to the most vulnerable households in our society.

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6. In swearing in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

PREVAILING ECONOMIC ENVIRONMENT

7. Economic conditions remain challenging both abroad and at home. Despite lingering post-COVID supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relatively low rate has significant implications for our economy due to our current reliance on importation.

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8. Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

9. Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.

10. The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

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READ ALSO: Tinubu Appoints New Board, Management Team For NNPCL [Full list]

PERFORMANCE OF THE 2023 BUDGET

11. Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.

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12. As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.

13. Despite the challenges, we continue to meet our obligations.

THEME AND PRIORITIES OF THE 2024 BUDGET

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14. Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

15. Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

16. Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.

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17. To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.

READ ALSO: Rivers: APC Opens Up On Tinubu Handing Over Party Structure To Wike

18. To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.

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19. A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment-friendly measures for sustainable growth.

20. We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.

21. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria’s commitment to a greener future.

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22. Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to

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News

Lawyer Sues Sanwo-Olu For Blocking Him On X

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Human rights lawyer, Festus Ogun, has filed a lawsuit against Lagos State Governor, Babajide Sanwo-Olu, at the Federal High Court in Lagos for allegedly violating his fundamental rights by blocking him on his verified X (formerly Twitter) account.

In the suit marked FHC/L/CS/1739/25, which was shared by Ogun on Friday via his facebook page, he said the governor’s decision to block him since 2021 was triggered by his “constructive criticisms” and “demand for accountability” over the October 2020 #EndSARS killings.

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In 2021, I noticed that the Governor blocked me on his official X handle @jidesanwoolu owing to my constructive criticisms of his policies and demand for accountability in respect of the October 2020 #EndSARS Massacre,” Ogun wrote.

According to him, being blocked has deprived him of access to vital information.

READ ALSO:DSS Charges Nine Over Benue, Plateau Massacres

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“Blocking me on X has prevented me from accessing public updates and receiving information about policies and governance in Lagos, which constitutes a violation of my right to receive information without interference,” he said.

In his originating summons cited by The PUNCH, the lawyer asked the court to declare the action unconstitutional, arbitrary, and discriminatory.

According to the lawsuit, Ogun said he sought “a declaration that, as a democratically-elected public office holder in Nigeria, the Respondent (@jidesanwoolu)’s blocking of the Applicant (@mrfestusogun), a citizen of Nigeria and resident of Lagos State, on X (formerly ‘Twitter’) is wrongful, unconstitutional, arbitrary and constitutes a gross.”

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He further prayed the court to compel Sanwo-Olu to unblock him, issue a public apology, and stop targeting critics online.

READ ALSO:UK Bans Sanex Advert For Calling Black Skin ‘Problematic’, White Skin ‘Superior’

An order of perpetual injunction restraining the Respondent, his agents, privies or any other person or entity acting through or on his behalf, from further blocking the Applicant on X or any other social media platform,” the suit read.

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Ogun, who described himself as “haunted, traumatised and emotionally disturbed,” stressed that the matter went beyond his personal grievance. “This suit is not just about me. I have filed this lawsuit in furtherance of public interest and with the hope that it sets a precedent in our digital rights jurisprudence,” he said.

The lawyer also invited the court to take guidance from a 2019 ruling in the United States.

I invited the Nigerian court to be persuaded by the decision of the US District Court in Knight First Amendment Institute v Trump where President Trump was found to be in violation of the 1st Amendment when he blocked US citizens for criticising him on Twitter,” he stated.

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Ogun argued that intolerance to opposing views undermines democracy. “Intolerance to criticism and accountability is unconstitutional and undemocratic. Nigerian authorities continue to crack down on dissents, critics, journalists, bloggers and vocal citizens on social media using arrests, detention, surveillance, collusion with big techs and outright blocking, as weapons. That narrative must stop,” he warned.

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The Director-General of the National Orientation Agency, Mallam Lanre Issa-Onilu, has urged Nigerians to pay close attention to flood early warnings issued by the Nigerian Meteorological Agency, highlighting the increasing risk of flooding across the country.

Addressing the newsmen during a press conference to launch a nationwide enlightenment campaign held on Thursday in Dutse, the Jigawa State capital, the DG, represented by Mr. Williams Dogo, NOA’s National Director of Legal Matters at the headquarters in Abuja, emphasised that poor drainage systems and careless dumping of waste are major causes of devastating floods recently witnessed in states such as Niger, Kogi, Rivers, Anambra, and Bayelsa.

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He praised NiMet’s early warning advisories for their “90% accuracy” and stressed the need for Nigerians to heed these warnings diligently to reduce flood impacts.

READ ALSO:NiMet Forecasts Rain, Flash Floods Nationwide

The campaign, spanning all 36 states, the Federal Capital Territory, and 774 local government areas, seeks to engage the public on government policies, flood mitigation, national security awareness, and more.

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“We are committed to bringing the government’s programmes closer to the people through physical engagements, town halls, and media.

“Among the government initiatives spotlighted is the Presidential Flood Mitigation directive, which in 2024 allocated N3 billion per state for drainage clearance and relocation efforts to curb such disasters,” the DG’s representative said.

The DG, highlighted that the sensitisation campaign also focuses on raising awareness about government policies such as the Nigerian Education Loan Fund, social safety nets including Conditional Cash Transfer, and youth empowerment through initiatives like the National Youth Investment Fund and the Industrial Training Fund.

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READ ALSO:NiMet Forecasts Three-day Thunderstorms, Rain From Wednesday

He therefore emphasised the need for Nigerians to understand and utilise these programmes for personal and national development.

On national security, Issa-Onilu explained that the campaign aims to boost security consciousness by informing communities about current defense strategies, including the deployment of over 15,000 new security personnel, drones, and armoured vehicles to address the country’s security challenges effectively.

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Furthermore, the DG stressed the importance of youth and student re-orientation, focusing on discouraging extreme practices that conflict with Nigeria’s core values.

Accordingly, he also underlined the campaign’s effort to promote patriotism by educating citizens on national symbols such as the flag, anthem, naira, and passport.

“NOA’s increased digital presence—including the revamped website and the AI assistant ‘CLHEEAN’—alongside partnerships with numerous media outlets, will ensure that these vital messages reach a wide audience across Nigeria,” he revealed.

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READ ALSO:NiMet Predicts Three-day Haziness, Thunderstorms From Tuesday

Mr. Williams Dogo urged Nigerians to actively participate in the campaigns and remain alert to government advisories for their safety and well-being.

Earlier, the Jigawa State Director of the National Orientation Agency, Ahmad Ibrahim, emphasised the urgent need for residents to heed flood early warnings issued by the Nigerian Meteorological Agency, especially amid rising flood risks in the region.

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He linked the recent flooding challenges to poor drainage and waste management, urging Jigawa communities to cooperate with government efforts to reduce flood impacts.

The director highlighted the government’s 2024 Presidential Flood Mitigation directive, which allocated N3 billion to each state for drainage clearance and relocation initiatives, underscoring its importance in Jigawa’s flood prevention strategy.

He also connected this development to ongoing nationwide campaigns aimed at raising public awareness on key government policies, national security, and disaster preparedness.

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INEC CVR: CSO Expresses Worry Over Poor Deployment Of Machines, Manpower To LGs In Edo

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By Joseph Ebi Kanjo

Edo Civil Society Organisations (EDOCSO) has expressed worry over the poor deployment of capturing machines and manpower to Igueben Local Government Area of the state by the Independent National Electoral Commission (INEC) in the ongoing Ongoing Continuous Voters Registration (CVR).

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The Coordinator, EDOCSO, Igueben Study Centre, Leftist Enabulele Larry, and Secretary, Leftist Mark Akande expressed the CSO sentiment when the duo visited the INEC headquarters in Igueben where the CBR in the local government is taking place.

In a statement made available to INFO DAILY on Friday, the leadership of EDOCSO, Igueben Study Centre condemned the “use of only two capturing devices in a local government with over 69, 396 in population.”

READ ALSO:Things To Know As INEC Begins Physical Voter Registration Monday

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The duo noted in the statement that their findings at the INEC headquarters revealed two capturing machines were deployed to each local government across the 18 local government areas of the state.

The civil society members said INEC excuse of deploying two capturing machines to each local government was not germane enough because many do not have a computer or android phone to do the online registration INEC gave as an excuse.

The question here is, what is the percentage of our people mostly the aged individuals, that have access to Android mobile and other internet gadgets in Edo state?

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READ ALSO: ADC: Why INEC Has Not Recognised David Mark, Others

“How many people can afford internet data to enable them have access internet services in Edo state under the current excruciating economic pains by the people?

“How many of the Edo people can even manipulate the Android mobile phone to the extent of navigating the internet hurdles to undertake the job is INEC? If INEC is not ready for the job, they should tell Nigerians.

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“If citizens are now advised to individually undertake the statutory job of INEC, of what purpose does the commission serve to the people? etc,” they said.

As at when filing this report, INFO DAILY was yet to get a reply from the message sent to the INEC in Edo for reaction.

 

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